Farming / Agriculture

Wills

In our experience of speaking to farming and land-owning clients over the years, the biggest reason farmers have not yet written a Will is because they do not know how to treat their beneficiaries equally when they die. Sadly, in most cases, for the farming business to remain viable for an inheriting child it is often impossible for farmers to treat all children equally unless there are other substantial cash or property assets elsewhere.

Dealing with this issue whilst you are alive, no matter how delicate it may be, can prevent long standing family disputes and expensive litigation after you have died.
We can advise on all aspects of Will drafting for farmers and rural business owners and can ensure that you have a Will that represents your wishes and reflects the individual needs of your family and business. For both farmers and landowners, we cannot stress enough the importance of a properly drafted Will in ensuring that valuable land and business assets pass seamlessly on to the next generation.

Powers of attorney and capacity issues

We advise on all capacity related issues, including in relation to farmers and business owners who are no longer able to take such an active role in the business due to a decline in health and mental capacity. As cash flow can often be particularly important to the farming business it is imperative that these issues are addressed and planned for long before there is a loss of capacity.

Powers of attorney and capacity issues

We advise on all capacity related issues, including in relation to farmers and business owners who are no longer able to take such an active role in the business due to a decline in health and mental capacity. As cash flow can often be particularly important to the farming business it is imperative that these issues are addressed and planned for long before there is a loss of capacity.

Lifetime planning

We advise farming, landowning families and rural business owners on tax and succession planning ensuring that their business is protected for future generations. As part of the process we can help produce a tax efficient plan to ensure your assets pass to the correct individuals either during your lifetime or after your death. Making appropriate plans during your lifetime is important to minimise any tax liabilities and reduce the risk of family disputes after your death.

We work very closely with other rural professionals with extensive knowledge of the agricultural sector to ensure that matters are dealt with in the most efficient way possible from a taxation point of view and having in mind future generations that may take on the business further down the line. It is generally preferable that we work closely with your accountant, land agent and financial adviser to ensure that a succession plan can be implemented that fits in with your long-term business strategy and works for you and your family.

Frank Smith & Co Solicitors are specialists in advising farming and land-owning clients and their families on how best to organise their affairs and finances to ensure financial security and peace of mind for the future.

If you are a Farmer or landowner and would like further information about the services we can provide please contact us.